The decision to release the Phaeton was, in part, a response to Mercedes' decision to compete directly with Volkswagen in the European marketplace with the low-cost A-Class.
Germany's Audi has no plans to enter Formula One, the company said on Monday.
Volkswagen overtook Toyota as the world's largest carmaker by sales.
There has long been speculation about whether Audi might be tempted into Formula One.
VW kept set aside 6.5 billion euros just to cover the potential costs of recalling and fixing the affected cars.
VW overtook Japan's Toyota in the first half of this year to become the world's biggest carmaker by sales, but is facing a sharp slowdown in its most profitable market, China.
Volkswagen is under huge pressure to act, with its shares down more than a third in value since the crisis broke, and the bad news still coming.
Late on Monday, Volkswagen's U.S. chief Michael Horn said the company had "totally screwed up" and promised to make amends.
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